Just sold a book for a lot of $... NEED SOME ADVICE


#1

Hello all. Been an admirer of this site for just over a year now. This is my first post…

Some background… I’m a writer with 3 kids. Moved back to Ireland in '05 from France and there was no way my wife would even consider buying (thank God for the “rent is NOT dead money” mindset of the French - I don’t think I’d have held out if my wife had been Irish). We struggled throughout the Celtic Tiger years while I wrote my book (a sci fi spectacular).

Bottom line - I’ve just signed a contract with a major publisher and have received a cheque for $170,000 US. I’ve opened a $ account with AIB until I decide what to do with the money. We don’t have any debts and have no intention of buying a house any time soon.

Should I change my money into Euro? Keep in $? Buy gold? I know this isn’t a money advice website but I really respect the opinions and attitude of the posters on this site and would appreciate any advice you can offer me…


#2

I’d suggest you write another book. Pronto.

:wink:


#3

Congrats on the book.

My advice would be to move back to France before its too late


#4

dollar is collapsing thread
thepropertypin.com/viewtopic.php?f=19&t=13517

I would point you to
thepropertypin.com/viewtopic.php?f=19&t=24559

and a very negative economist
lewrockwell.com/roberts/roberts-arch.html

there were some bearish articles linked to here today, cant see them now, maybe someone else can help


#5

At first glance I was expecting to be asked to ‘hold’ your funds in my account while a small matter of a will was resolved for a very fair fee of 15%.

But seeing as how you’re actually looking for advice … if you’re living in Ireland (or France) for the next few years it’s hard to see the advantage of holding the funds in a foreign currency. That’s a gamble whichever way you look at it. You could win or you could lose.


#6

I suggest you read ALL the posts on the Federal Reserve thread,read all the weekly commentary from Peter Schiff and John Browne at Europacific Capital over the last couple of years and watch the Money Masters(link below).After all that, you will realise the dollar along with the US economy is only going one way.Also Zero Hedge,read how Wall St took over the US government and perpetrated the greatest theft and fraud ever on the American public to steal trillions of dollars in bailouts for Wall St banks,with noone knowing how the money was distributed,the amounts the terms and conditions,nothing,it was all done in secret.

europac.net/

video.google.com/videoplay?docid=-515319560256183936#

zerohedge.com/node


#7

Hi Sam,
If you intend to stay in the Eurozone I see no advantage at all in holding it in USD. As mentioned it is only going one way in the long term. I think it might retest 1.40 if there is a market pull back in the short term but that’s just my own speculation. I also must add as I do on all these queries that I’m not a trader or work in finance.
Why not look into a decent interest rate for a portion of it in Euro , get some gold if you are worried about hyperinflation. Otherwise put it in a few commodity ETFs on the Dax or the Cac.
Depends on your timeline. The more you split it up or if you need it in the short term the more you pay on fees relative to payback but the more diversivified you are.
If I was you I’d put it on deposit for six months in Euro while deciding what to do, after that see how long you can put it away for and leave that define your strategy.
Good luck with the book, as Ted would say.


#8

did you base your ‘sci fi spectacular’ on material from the pin? :wink:


#9

Congrats on the book!

One thing that hasn’t been mentioned yet is the tax exemption for authors in this country. I’m not sure of the French tax rates, but getting this exemption could save you $80k odd - I would warrant considerably more than any fluctuation in the dollar …

Have you applied for this exemption? If not, do so quickly - you’ll need to apply before the end of the year if the $170k is to be exempted.

If you have already been granted this exemption, bear in mind that one of the conditions for the tax exemption is that the author is resident in Ireland and not resident elsewhere.


#10

Plus if you move back to France the contract may continue to be taxed on Irish terms not French terms seeing as the first payment was made while you lived in Ireland under Irish tax law .

But you must convince the Revenue that it is ‘original’ and quickly . There are a few legal specialists ( not Ossie the property mogul Kilkenny) , maybe contact the Aosdana on the matter …quickly now as in this year before the budget .

Read

citizensinformation.ie/categ … or_artists

and

en.wikipedia.org/wiki/Aosd%C3%A1na

and then write another book pronto like you was told !!!

once that sells in buckets and you pocket the shekels consider Antibes maybe :smiley:


#11

Is this an advance on royalties?


#12

Hi All,

Thank you for taking the time to reply to my request. As I figured… it’s a bad time to get paid in dollars. Keep up the good work, you’re an invaluable resource.

– In answer to query, payment is partially an advance on royalties.


#13

Hmmm, dependent on how partial, it might be an idea to ringfence this cash. I’ve certainly heard a few horror stories in another medium (music regarding such advances)., unless it’s non recourse.

In which case, I recommend red in Monte Carlo.


#14

Can’t stress enough the value of the comments you’ve just received about taking professional advice re the artists’ tax exemption.


#15

for no LOGICAL reason the $ will continue to strengthen v € in the coming months.

hold off on changing to Euro’s

I will stand over this statement


#16

I would sort of agree with cavok. Don’t do anything daft. You have a couple of choices -

  1. Forget about exchange rates, convert the money and enjoy it.
  2. Convert the money bit by bit and average into the euro.
    Either way, don’t torture yourself by having missed out. You are not a currency trader and no advice you receive on a board will help you be one!

Looking forward to a sci-fi blockbuster (I hope it’s the first of a decaology - I’m a bit disappointed at the scope of most sci-fi these days - Peter F. Hamilton excepted!).


#17

+1
You need to apply for a tax clearance cert first- you can do this online quite easily.
Irish Writers Union and Irish Playwrights and Scriptwriters Guild here are easily found on line and give good advice on artists tax exemption.
There are 2 separate exemptions - book and scripts. You should apply for both in case your book is optioned for tv/film.
Advances on royalties are not repayable unless you don’t deliver the book and they safeguard themselves re this by staging the payments.
Vague memory of some publisher suing Joan Collins over a book she delivered that they considered not up to scratch but they lost.

Congratulations - getting a book published in these times is a huge achievement and getting a good advance is up there in the land of dreams. Well done and best of luck with it.


#18

You could buy a serious amount of shoebox flats in Leitrim :wink:


#19

congrats on your book.

you should get a better rate on the fx if you do it all in one clip. my bank has a threshold at 100k - below that is retail. watch the market for a few weeks and pull the trigger.

on sci-fi and the move to Ireland.

Fantastic choice! Remember that the ordinary laws of physics don’t work in ireland. we have special laws of physics here called green physics. We have Greens in government to make sure that the laws of green physics are obeyed here at all times.

So forget about sex with aliens etc - you can just listen to Ministers Ryan and Gormley if you want some parallel universe sci-fi inspiration.

:neutral_face:


#20

Is the exemption still for the chop following the new PFG?